Insights

We are proud to announce that Jess Hill has been promoted to Director.

Andrew Henshaw (Managing Director) is interviewed by Tax Talks regarding s100A and Reimbursement Arrangements.

A taxpayer may disagree with the ATO’s decision or assessment as to their tax liability. Learn about the AAT's potential new tool in small business tax disputes.

For taxpayers considering adopting a position that is less than certain (and wish to be protected from substantial penalties), it may be worthwhile to consider obtaining a RAP paper from a professional adviser.

Finally, after an almost 5-month wait, the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 was released on 13 October 2021. The Bill establishes a new Act called the Windfall Gains Tax Act 2021. The purpose of this article is to discuss some of the headline items and issues regarding the Windfall Gains Tax.

Scott McKenzie (Director) is interviewed by Tax Talks regarding business partner disputes and how the COVID-19 pandemic is adding fuel to the fire.

Companies may be voluntarily liquidated for a number of reasons, such as to reduce risk from previous activities of the company, to reduce annual compliance costs, or to resolve shareholder disputes, amongst other reasons. In certain circumstances, a voluntary liquidation can also be a tax effective means of extracting wealth out of a company.

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings ‘of a private or domestic nature’ and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed.

Successfully transitioning a business from one generation to the next can help to ensure the long-term ongoing success of a family owned business.

A co-ownership agreement, or business ‘pre-nup’, is a foundational document on which all co-owned business arrangements should be based.

From a tax perspective, ESOPs raise a number of challenges and opportunities. Here are some things you should know if you are thinking of implementing or participating in an ESOP.

Relevant discretionary trust deeds should be reviewed, even if they do not own land yet, and a foreign person exclusion clause included if possible.

Andrew Henshaw (Managing Director) is interviewed by Tax Talks regarding draft changes to Division 7A.

A recent Victorian Supreme Court case highlights that duty legislation is highly technical, and that the application of duty or an exemption can turn on key property law terms.

The gift and loan back arrangement can be effective asset protection strategy. We discuss the basics of these gift and loan back strategies.